Category Archives: Business Environment

Tradenet Rollout Targeted by End of 2017

The government will roll out by yearend TradeNet, an integrated online system to process import permits across over 60 agencies, as part of ongoing efforts to further improve the ease of doing business. Acknowledging the tedious process in securing an import permit that requires approvals from 66 government agencies on top of 10 economic zones, finance officials are now coordinating with the Department of Information and Communication Technology to make the Philippine Business Data Bank… Continue reading

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Mining Industry Backs Confirmation of Cimatu as Environment Secretary

Mining industry officials announced that they are supporting Roy Cimatu’s confirmation with the Commission on Appointments as secretary of the Department of Environment and Natural Resources (DENR).  The renewal of optimism is reflected in the actions of the sector. To show that it practices responsible mining, officials said that the industry would adopt the Canadian practice for sustainable mining. Mining giant Philex is also looking for partners for its $2-billion copper and gold project, as it anticipates the lifting of the… Continue reading

ERC Gives Green Light for Visayas and Mindanao Electric Grid Interconnection

The Energy Regulatory Commission (ERC) has given the go-signal to National Grid Corporation of the Philippines (NGCP) to proceed with the construction of the P52-billion Visayas-Mindanao Interconnection Project. NGCP expects to complete the project in 46 months, or roughly four years, with an estimated cost of P51.69 billion. This will enable the will enable power supply importations among the Luzon, Visayas, and MindanaoContinue reading

Finance Secretary Dominguez to Recommend Veto if Tax Reform Proposal is Watered Down Significantly

With the Senate seeming to plan to water down other tax reform measures despite compromise offers by finance officials that would have seen the removal of proposals for taxes on sugary beverages, Finance Secretary Carlos Dominguez said he might recommend a presidential veto because of the significant drop in expected revenues. He sounded an alarm that congressional disapproval would lead to the government missing its economic targets and caps. Dominguez’ announcement could be seen as a way to… Continue reading

Major Reforms in Philippine Capital Market Set by 2019

The Bangko Sentral ng Pilipinas (BSP) and other government agencies are set to roll out major capital market reforms to deepen the local currency bond market and further liberalize the domestic foreign exchange market. They are pursuing the deepening of the local bond market by adopting reforms in the government securities eligible dealers system, increasing supply of short-term securities, and developing an effective… Continue reading

Lower House Tackles Bill Allowing Full Foreign Ownership of Public Utilities

The House of Representatives (HoR) is discussing a proposed law that would allow foreigners to full ownership of public utility companies, including telecommunication firms, without the need for a constitutional amendment. The constitution specifically states that citizens or companies with at least 60% Filipino ownership must own public utilities. The HoR proposal, however, seeks a redefinition of public utility to mere operation, management, and control of a company. Ownership is excluded from the… Continue reading

Duterte Tightens Noose Against ABS-CBN

President Rodrigo Duterte is tightening the noose against the Lopez-owned ABS-CBN television network. Duterte previously claimed that the network refused to air his campaign ads last year despite already accepting payments. He added that the network has been too critical of and biased against his administration. He has now targeted Lopez Holdings, which owns majority of the network, for non-payment of debts to a government-owned bank. Duterte earlier threatened that he would block the renewalContinue reading