Philippine trade year-on-year performance

Source: BusinessWorld

As employment data improved and tourism recovered thanks to the lifting of COVID-19 mobility restrictions, the Asian Development Bank now expects Philippines’ gross domestic product to grow by 7.4 percent in 2022, better than its 6.5 percent forecast last September...
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The country's trade deficit narrowed for a second straight month in October as exports of goods improved, the Philippine Statistics Authority (PSA) reported on Tuesday...
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Chief Presidential Legal Counsel Juan Ponce Enrile has urged President Ferdinand "Bongbong" Marcos Jr. to "carefully" review a bill seeking to create the controversial Maharlika Investment Fund (MIF) amid growing fears of the public over possible misuse of government funds...
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The country’s prospects of seeing export earnings rise to $100 billion are dim, with local economists highlighting the global economic slowdown and issues surrounding the local manufacturing industry among the biggest challenges for attaining this...

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The Philippine central bank’s ability to rein in inflation will remain unhampered despite a proposal for the monetary authority to contribute to a wealth fund that could delay its capital increase, according to Governor Felipe Medalla...

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As the year comes to an end, the National Economic and Development Authority (Neda) expects government spending to continue to slow for the rest of the year...

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The House of Representatives has given its final nod to House Bill 6510 or the proposed "New Philippine Passport Act."...
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For the nth time, the Department of Trade and Industry (DTI) called for the urgent ratification of the Regional Comprehensive Economic Partnership (RCEP), saying it is crucial in enhancing the openness of the business environment in the country...
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Next year's deadlines for the submission of annual financial statements (AFS) and general information sheets (GIS) have been announced by the Securities and Exchange Commission (SEC)...

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The Philippine Bamboo Industry Development Act (PBIDA) is seen to establish the country's competitive edge in the natural bamboo market in transport, construction, furniture and fabric sectors that can lead to industrial-manufacturing development...

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The House of Representatives has passed on final reading a bill, which would limit the coverage of the fixed three-year term for top military officials...
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The European Union has approved a new treatment against an advanced type of prostate cancer by Novartis, the Swiss pharmaceutical giant said on Tuesday...
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People usually watch TikTok with their smartphones in a vertical orientation. Soon, you might be able to flip the screen and enlarge the view with a full-screen mode...
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DIGITAL trade integration will positively impact its emerging digital services trade and become a key driver in the post-pandemic economic recovery, according to researchers from the Philippine Institute for Development Studies (PIDS)...
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Following its successful investment mission in Osaka and Okayama, the Philippine Economic Zone Authority (PEZA) is expecting to increase the number of Japanese locator companies within its ecozones and create stronger partnerships to promote the Philippines as the smart choice for strategic and big-ticket investments...
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President Ferdinand "Bongbong" Marcos Jr. will push for a four-year "strategic partnership" with Belgium in various fields of cooperation when he meets with King Philippe, the leader of this country's constitutional monarchy...

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The Marcos administration should prioritize the free trade agreement with the European Union (EU), said Lars Wittig, president of the European Chamber of Commerce of the Philippines. “If you believe in the Philippines, it will be one of your biggest markets,” he said. “The potential in the Philippines is huge.”...

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The Asian Development Bank cut its growth forecasts for developing Asia for this year and next as the region faces persistent headwinds from the Russia-Ukraine conflict, China’s COVID-19 policies, and a slowing global economy...
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The Department of National Defense (DND) on Wednesday expressed "great concern" over the reported "swarming of Chinese vessels" in Iroquois Reef and Sabina Shoal in the West Philippine Sea (WPS)...

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Senators denounced China's violation of Philippine sovereignty when Chinese Coast Guard (CCG) in November entered Philippine waters to seize a rocket debris from the Philippine Navy...

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The United States, South Korea and Japan vowed on Tuesday to consider all options against North Korea, including counterstrikes, in the wake of an unprecedented blitz of missile tests by Pyongyang that has sent regional tensions soaring...
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The Asian Development Bank cut its growth forecasts for developing Asia for this year and next as the region faces persistent headwinds from the Russia-Ukraine conflict, China’s COVID-19 policies, and a slowing global economy...
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The Asian Development Bank cut its growth forecasts for developing Asia for this year and next as the region faces persistent headwinds from the Russia-Ukraine conflict, China’s COVID-19 policies, and a slowing global economy...
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The United States, South Korea and Japan vowed on Tuesday to consider all options against North Korea, including counterstrikes, in the wake of an unprecedented blitz of missile tests by Pyongyang that has sent regional tensions soaring...
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Drought or too much rain, the war in Ukraine and high energy costs look set to curb global farm production again next year, tightening supplies, even as high prices encourage farmers to boost planting...
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A new fund helping low-income countries tackle the impacts of climate change already has around $40 billion worth of commitments, but this is “nothing in comparison with the needs,” IMF chief Kristalina Georgieva said Tuesday...
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Creating a new global fund for biodiversity — a core demand of developing countries at UN talks in Montreal — “would take years” and be less effective than reforming existing financial mechanisms, Canada’s environment minister said Tuesday...
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Oil settled over $80 a barrel on Tuesday and recorded its biggest daily gains in over a month, as investors bought up risk assets after U.S. data pointed to slowing inflation...
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European Union energy ministers meeting in Brussels on Tuesday failed to strike a final deal on a bloc-wide cap on natural gas prices, after months of debate between countries over whether the measure can ease Europe’s energy crisis...
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New Zealand’s government on Wednesday forecast the country would enter a recession in 2023, even as the budget remained on target to move into surplus for the 2024/25 financial year...

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Filipinos should do away with the mañana habit and start registering their SIM cards before the deadline to avoid losing their mobile numbers, a consultant of the National Telecommunication Commission (NTC) said on Tuesday...
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The Commission on Elections (Comelec) has called on qualified voters to participate in next year's Barangay and Sangguniang Kabataan Elections (BSKE) following an anemic turnout of registrants on the opening day of the resumption of voters' registration...
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At least 2 million new voters are expected to register in the next seven weeks to be able to vote in the Oct. 30, 2023 barangay and Sangguniang Kabataan (SK) elections...
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Metro Manila mayors will finalize next year the list of standardized traffic violations and their corresponding fines under the single ticketing scheme, which will also include a demerit system for erring motorists...
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The government warns online sellers of smuggled onions that charges might also be filed against them for enabling the proliferation of illegally sourced agricultural produce...
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Duck, cover, hold! Schoolchildren may already know the drill once the Department of Education (DepEd) conducts “unannounced” exercises on how to protect themselves during earthquakes and fires...
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An official of the Department of Agriculture (DA) on Tuesday said the crackdown on online sellers of smuggled white onions has started amid the proliferation of illegally sourced bulbs on the internet...
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The House committee on constitutional amendments will tackle on Wednesday six resolutions and two bills pushing for Charter change (Cha-cha), a move the Makabayan bloc has vowed to block at all costs...
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Health Undersecretary Maria Rosario Vergeire will stay onboard as the officer in charge (OIC) of the Department of Health (DOH) even after the end of the month as her appointment is not covered by the memorandum circulars issued by the Office of the President (OP)...

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The number of registrants for the 2023 Barangay and Sangguniang Kabataan elections is expected to balloon in the coming weeks...
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Government officials recently inspected the Malampaya deep water gas-to-power project in offshore Palawan to ensure the continuity of operations amid the projected shortage of electricity supply...
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The Department of Energy (DOE) and the Philippine National Oil Co. Exploration Corporation (PNOC-EC) recently visited the Malampaya Deep Water Gas-to-Power Project (Malampaya) Shallow Water Platform to assess its condition and ensure continued operations and sustainability...

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Energy Secretary Raphael Lotilla said the agency’s commitment to preserve and maintain investment incentives for service contractors under Presidential Decree (PD) 87 has been met with renewed confidence and strong interest by local and foreign investors in the oil and gas sector...

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Rampant smuggling is costing the government at least P250 billion per year, an alliance of industries claimed on Tuesday, depriving the country of funds that can be used for basic and welfare needs...
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Consumers and industrial users of sugar need not panic during the holiday season as the sugar supply in the country has stabilized, with the refineries churning out a substantially higher production than expected compared to the same period last year...
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Exports hit a new monthly record in October, thus narrowing the Philippines’ trade deficit to a 14-month low, although the cumulative deficit for the year approached a new annual high...
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The Philippine government is losing at least P250-billion revenues a year due to smuggling, according to a business group...

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The Philippine Economic Zone Authority (PEZA) said the country attracted P57 billion in investments from 181 projects in January to November...

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Poor financial literacy among Filipinos has slowed the growth of the Philippine insurance industry, an official of the Insurance Commission (IC) said on Tuesday...
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