Possible FTA with UK to allow for more concessions (Can also be read in Philippine Star, Philippine Daily Inquirer, Manila Times)

Transcription

1 August 26, 2016 Possible FTA with UK to allow for more concessions (Can also be read in Philippine Star, Philippine Daily Inquirer, Manila Times) THE HEAD of the Trade department said a bilateral trade deal with the United Kingdom (UK) following the latter s planned exit from its economic bloc would provide give the Philippines leeway to negotiate more goods and services currently not included in its arrangement with the European Union (EU) as a whole. Weaker peso vs dollar favorable for economy (Can also be read in Philippine Star, Manila Times, The Standard, SunStar) A SLIGHTLY WEAKER peso against the dollar would be more favorable for the Philippines, Finance Secretary Carlos G. Dominguez III said, amid expectations that strong economic growth will allow the currency to remain at about the same level until next year. Peso rebounds ahead of Yellen THE PESO bounced back yesterday, closing stronger than the dollar, after a string of weak data from the United States prompted investors to rethink the timing of succeeding rate hikes in the world s largest economy. Farm output seen to post growth THE DEPARTMENT of Agriculture (DA) is looking at a positive growth for the country s agriculture in the second half of the year after the contraction seen at end- June, as the office s head pitched legislative priorities for the sector before the House of Representatives yesterday. EO 79 not needed, now under review: MGB head (Can also be read Philippine Star) THE CHIEF of the Mines and Geosciences Bureau (MGB) said the 2012 executive order (EO) that detailed changes to the country s mining policy and effectively stalled the issuance of new permits, is not necessary. June import data bare electronics weakness (Can also be read in Philippine Star, Philippine Daily Inquirer, Manila Times, The Standard, Daily Tribune)

2 PHILIPPINE exports of electronics in the coming months may be in for a retreat after imports of components used in the assembly of the country s top dollar earner sputtered at the close of the second quarter. Gov t agencies move to streamline LGUs BPLS THREE line departments will issue a joint memorandum circular next week urging local government units (LGUs) to streamline their business permits & licensing system (BPLS) to three days in order to make the localities more attractive to commercial investments. Philippines to import 250,000 tons of rice MANILA -- The Philippines, one of the world s top rice buyers, is seeking to import up to 250,000 tons of rice from Vietnam, Thailand and Cambodia in a tender scheduled on Aug. 31, according to a copy of a government document seen by Reuters. DoE readies data on price impact of oil excise tax hike THE DEPARTMENT of Energy (DoE) is readying the data that legislators need should they decide to introduce a bill that will increase the excise tax on gasoline and impose the same on diesel, an official of the agency said. Cyber Insurance an essential layer of security against cyber breaches Cyber attacks have are quickly becoming more persistent and much more aggressive as the years go by where we see a lot of transformation when it comes to technology. Rice import tender slated Aug. 31 The Philippines, one of the world's top rice buyers, is seeking to import up to 250,000 tons of rice from Vietnam, Thailand, and Cambodia in a tender scheduled on Aug. 31, according to a copy of a government document seen by Reuters. Current account surplus may revert to deficit this year ING The rising import bill would continue to produce an ever-increasing large negative swing in the trade deficit which would impact on the current account balance, said ING Bank regional chief economist Tim Condon. Converge ICT offers fiber-powered connectivity to homes, businesses With the increasing need for fast internet, Converge ICT a provider of world-class ICT products and personalized services to customers in the Philippines rolls out next-generation broadband services that are set to improve lives and empower enterprises. DAR orders distribution to farmers of 358-hectare land in Hacienda Luisita The Department of Agrarian Reform (DAR) yesterday ordered the distribution of hectare Tarlac Development Corporation (Tadeco) landholding, part of the vast sugar estate Hacienda Luisita in Barangays Balete and Cut-Cut in Tarlac City.

3 Ejercito proposes transport plan that prioritizes railways A 30-year urban master plan to achieve a complete nation-wide transportation reform that would solve the current hellish traffic conditions, particularly in the Metro Manila area, has been proposed by Sen. Joseph Victor JV Ejercito yesterday. Philippines now ripe to pursue reforms Dominguez (Can also be read in Business Mirror) MANILA, Philippines - The Department of Finance (DOF) said the Philippines is now ripe for undertaking major reforms including the introduction of a new comprehensive tax reform package. Government starts reduction in business registration process (Can also be read in Business Mirror) MANILA, Philippines - The government is putting into motion its campaign to cut business registration process in the country to one day. Index eases as market awaits Yellen speech (Can also be read in Philippine Daily Inquirer, Manila Times, The Standard) MANILA, Philippines - The equities market continued to await the speech of US Federal Reserve chairperson Janet Yellen who is due to take the center stage at the Jackson Hole Economic Symposium in Wyoming today. NGCP completes new transmissionprojects MANILA, Philippines - The National Grid Corp. of the Philippines (NGCP) has completed a new transmission project between Cebu and Bohol to better transmit capacity of new power projects in the region to as far as the Luzon grid. 2 mining firms to use new soil technology for mine rehab MANILA, Philippines - The Department of Environment and Natural Resources (DENR) has allowed two mining companies to use activated biochar, a soil amendment technology, to develop agro-forestry in their host communities. New taxes on fatty food, luxury goods eyed Fatty food, luxury items as well as casino and lotto winnings would be slapped taxes if the Duterte administration s proposed tax policy reform program, which would result in a net revenue gain of P368.1 billion to the government by 2019, prospers in Congress.

4 Poor labor capital drags down PH s ranking in new trade index The Philippines ranked only 13th among 20 economies in the inaugural Hinrich Foundation Sustainable Trade Index, a new gauge in assessing if a country is engaged in trade that promotes inclusive growth for all. Mining firm taps into potential of biochar Marcventures Mining and Development Corp. (MMDC) said it was adopting a soil enhancement technology to foster agroforestry near its nickel project site in Surigao del Sur. Gov t planning massive tax amnesty The Duterte administration will push to legislate a one-time, big-time amnesty program for delinquent taxpayers. Gov t eyes new mining laws, road map Far from being unfair to law-abiding miners, the government is pushing the industry forward through major reforms such as crafting a road map for strategic metallic minerals and pushing for the passage of a new fiscal regime and revenue sharing arrangement, according to an official of the National Economic and Development Authority. Cement sales rose 10.7% in Jan.-June Local cement manufacturers posted a 10.7-percent increase in sales to 13.2 million tons in the first six months of the year as the government continues to ramp up infrastructure spending, while the private sector continues to engage heavily in construction activities. NFA need not be abolished NO FREE LUNCH by Cielito F. Habito Time and again, and for various reasons, calls have been made for the abolition of the National Food Authority (NFA). Recently, Secretary to the Cabinet Leoncio Evasco Jr. was reported to have indicated that he would propose the NFA s abolition to President Duterte. PCCI urges government to boost farm output SURIGAO CITY The Philippine Chamber of Commerce and Industry (PCCI) asked the government to focus on increasing agriculture output to cut poverty and boost the country s GDP. Federal Philippines seen growing faster There is growing optimism for a surge in economic growth when the country shifts to a federal system, with many experts believing that truly autonomous regions will allow communities in the countryside to be more creative in generating income. Mining bill seeks taxes, heavy fine for erring firms

5 Strict mining rules are needed, because the extraction of minerals can have adverse impacts on the surrounding environment, according to neophyte Sen. Ana Theresia Hontiveros, who filed a bill seeking to ensure the protection of communities by setting limits on mining operations. Meat products to see sustained growth Demand for meat products is increasing due to the improvement in the purchasing power of Filipinos, and this will spur the growth of other agricultural subsectors and boost total farm output, according to experts. Markets await Yellen speech WASHINGTON, D.C. If US Federal Reserve chief Janet Yellen chooses to use her closely watched address on Friday to clear the air, she will have plenty of clearing to do. Japan expands floating wind farms amid global competition Japan s ambition to lead in the development of floating wind turbines is facing stiff competition from rivals in Europe most notably from France as companies and governments press to lower costs and prove the technology can rival other sources of clean energy. Urban renewal Editorial Metro Manila with all the chaos in traffic, crimes mostly associated with drug abuse, and squatters clogging its major waterways definitely needs an urban redevelopment program. 10 Negosyo Centers in Davao THE regional office of the Department of Trade and Industry (DTI) has established a total of 10 Negosyo Centers in Davao Region as of August 16, Dole-NIR strictly enforces suspension of registration of contractors, subcontractors THE Department of Labor and Employment-Negros Island Region (Dole-NIR) is strictly enforcing the suspension of registration of contractors and sub-contractors in the region, its top official said on Wednesday.

6 Demand for cars, bikes boost June imports to $7B Strong demand for cars and motorbikes boosted imports in June based on statistics released by the National Economic and Development Authority. Mining crackdown to continue: Lopez The Philippines could suspend more mines in a crackdown on environmental abuses that has halted operations of 10 miners, Environment and Natural Resources secretary Regina Lopez said,dismissing a claim by mineral producers the review was a demolition campaign against them. P4B BUDGET SET NEXT YEAR; Free irrigation for farmers The Department of Agriculture (DA) expects the proposed free irrigation for small farmers to push through next year as a P4-billion allocation will be included in the National Irrigation Administration (NIA) budget for 2017 to cover for the loss of irrigation service fees. Indonesia replacing PH nickel ore LAUNCESTON - Is nickel s current rally sustainable or is the metal merely having a strong run because market participants are more focused on the environmental crackdown in top ore miner the Philippines, rather than on the surge in Indonesian ferronickel exports?