Dept. of Finance (DOF) Sec. Sonny Dominguez underscored the Duterte Administration’s socio-economic reforms over the past six years, including the Ease of Doing Business Act which paved the way for efficient delivery of public services. The DTI was also commended for the efficient implementation of this law, which remarkably increased the competitiveness of the country’s business climate.
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The Department of Trade of Industry (DTI) is gearing up digital transformation regarding the formulation and implementation of the Inclusive Innovation Industrial Strategy (i3s) for the Micro, Small, and Medium Enterprises (MSME) in the country. While MSME’s contribution to the Philippine economy is impressive, they were also the hardest hit during the pandemic as many businesses had been forced to close down. Nevertheless, one silver lining in this crisis is the Digital Transformation that we are experiencing now.
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Living in the modern era, moving forward is one of the ways to elevate and survive different industries in this generation. The manufacturing sector, for instance, is already moving towards digital transformation. In this line, the World Economic Forum introduces one of its projects, the SIRI: Smart Industry Readiness Index. It is a framework and tool that will help the manufacturers to continue and move forward toward digital transformation.
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The 21st World Travel & Tourism Council (WTTC) Global Summit on 20-22 April 2022, held in Manila, Philippines, is seen as an opportunity to reopen the country to international visitors and to sustain the Travel and Tourism competitiveness and resiliency.
WTTC’s annual Global Summit is the most influential Travel & Tourism event on the calendar. This year, industry leaders gathered with key government representatives to continue aligning efforts to support the sector’s recovery and move toward a safer, more resilient, inclusive, and sustainable future. Discussed in the Summit are the latest travel trends, sustainable investment prospects, regenerative tourism, and seamless travel in a pandemic era, among others.
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The anti-red tape watchdog officially launched e-ARTA Complaints Management System, the first of its kind in the Philippine government. The launch of the said online platform was the agency’s approach to digitize its services and make them more accessible and convenient to the public. It features an a) electronic ticketing system; b) paperless complaint filing; c) cloud storage for backup; and d) SMS notification for complaints.
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DOF Secretary Dominguez assures that the Duterte Administration is closely monitoring developments and is doing its utmost to mitigate the impact of oil and food price increases amidst the ongoing Ukraine-Russia conflict.
During the 2022 Philippine Economic Briefing (PEB), Sec. Dominguez reported the Duterte Administration’s socio-economic reforms over the past six years, including the government’s effort to accelerate economic recovery amid the COVID-19 pandemic.
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The Philippine Exporters Confederation, Inc. (PHILEXPORT) President Sergio Ortiz-Luis, Jr. reported that the group is at the forefront toward the approval of business and MSME-friendly bills in the 19th Congress, including the Magna Carta for MSMEs; Amendments of the Philippine Ports Authority Charter; Open Access in Data Transmission Act; International Maritime Trade Competitiveness Act; National Quality Infrastructure and Other Agriculture-related bills.
President Rodrigo Roa Duterte ratified the Public Service Act (PSA) amendment during the ceremonial signing of the law in Malacañang on Monday, 21 March 2022.
This amendment will generate more jobs and lower business costs in the country. The definition of public utilities is limited to industries such as the distribution and transmission of electricity, petroleum and petroleum products, pipeline transmission systems, water pipeline distribution, wastewater pipeline systems, seaports, and public utility vehicles. The above mentioned are the only industries subjected to the 40-percent foreign ownership restriction on public utilities as mandated by the 1987 Constitution.
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The Philippines gears up the ATA Carnet implementation to boost economic recovery. The Carnet System grants temporary admission of goods with relief from duties and taxes, simplifying Customs processes. It will particularly benefit the industries in the Tourism Sector, i.e., Meetings, Incentives, Conferences, and Exhibitions (MICE), in cost reduction and simplification of processes for ease of doing business.
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The PH export performance continues to grow from the previous year to the early quarter of 2022. January 2022 exports increased by 8.9%, amounting to USD 6.04B from USD 5.55B in January 2021.
Electronics leads the top five export products, which contributed about US$3.50B with a 58 % share of the total goods in January 2022. Followed by other manufactured goods with 7.5%, Cathodes & Sections of Cathodes with 3.8%, Coconut oil with 3.0%, Ignition wiring sets and other wiring sets used in vehicles, aircraft, and ships at 2.9% share.
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