Category Archives: Economy

Government to Streamline Approval Process for Chinese-Funded Infrastructure Projects

Finance officials told Chinese commerce representatives that the government has streamlined the approval process for big-ticket infrastructure projects to be funded by China in order to speed up their implementation. The first projects to be financed by China include the P10.9-billion New Centennial Water Source-Kaliwa Dam Project and the P2.7-billion Chico River Pump Irrigation Project. Finance Secretary Carlos Dominguez… Continue reading

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July Unemployment Rate at 5.6%

Unemployment rate is up to 5.6 percent in July from 5.4 percent a year ago. The labor force population stood at 70.164 million, up from 68.429 million. Underemployment rate, meanwhile, declined to 16.3 percent in July from last year’s 17.3 percent. Labor and economic officials explain that the hike in the jobless rate resulted from the additional… Continue reading

Foreign Direct Investments Down 14% in First Half of 2017

Foreign direct investments (FDI) suffered a net decline of 14 percent year-on-year to $3.598 billion in the first half despite a 182.7-percent jump posted in June. Net equity other than reinvestment of earnings slid 90.3 percent to $141 million from $1.448 billion last year. The bulk of the end-June equity capital placements came from Hong Kong, Japan, Singapore, Taiwan and the United States. The government earlier projected FDI… Continue reading

Philippine Bond Offering Cut to $1 Billion for 2018

The Philippines plans to issue $1 billion in bonds offshore next year, which is only half of previous offerings, as the government relies more on loans and grants from China and Japan. Of the P888.1 billion in gross borrowings programmed for 2018, 80.2 percent or P711.8 billion will be sourced locally. Finance officials said they expect $1.8 billion from China and Japan to come in starting this year, part of the two countries’ commitments… Continue reading

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

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