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RCEP ratification foresees massive export and import growth

The Senate concurred voting 20-1-1 on the ratification of the Regional Comprehensive Economic Partnership (RCEP), the world’s largest Free Trade Agreement (FTA) by far among Asia-Pacific nations, on 21 February 2023.  The RCEP is a Free Trade Agreement (FTA) that aims to establish a modern, comprehensive, high-quality, and mutually beneficial economic partnership framework to liberalize and facilitate trade in goods and services. It will also create a liberal, facilitative, and competitive regional investment. Economists supported this, particularly the National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan, who is optimistic that this FTA will fuel the Philippines’ economic growth. 

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BIR mandated to handle DOF OSS on tax credit and duty drawback

President Ferdinand R. Marcos, Jr. on his administration’s policy in right sizing bureaucracy, and on the recommendation of Sec. Benjamin Diokno ordered the abolishment of the DOF (Inter-Agency Tax Credit and Duty Drawback Center) OSS Center) and transfers the mandate to the Bureau of Internal Revenue (BIR) and Bureau of Customs (BOC), to assure the orderly and expeditious processing of tax credits and duty drawbacks under various laws. 

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BSP expects 6% GDP growth by the end of the year

Bangko Sentral ng Pilipinas (BSP) Governor Dr. Felipe M. Medalla reported in depth the topic “In Pursuit of Price Stability Challenges and Opportunities,” highlighting that the country’s gross domestic product (GDP) is expected to increase up to 6% amidst pent-up demand together with the target range of easing the inflation within the two to four percent by the end of the year 2023. 

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PSAC linked partnership with government towards economic growth

The Private Sector Advisory Council (PSAC) linked strong partnerships with the government towards economic growth.  Mr. Sabin Aboitiz – PSAC Lead Convenor and President and CEO of Aboitiz Group, laid out the country’s economic policy directions with the government. The PSAC focuses on six sectors, mainly on 1) Digitalization, 2) Basic Infrastructure, 3) Agriculture, 4) Healthcare, 5) Tourism, and 6) Jobs. 

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ITC Synergizes with BOI and ARISE Plus Philippines to strengthen Industrial policy

The International Trade Centre (ITC), in collaborative partnership with the DTI Board of Investments (BOI) and ARISE Plus Philippines, jointly synergized a Public-Private Dialogue (PPD) on ‘Innovating Industrial Policy in the Philippines. The initiative aims to explore and strengthen industrial policies as follows:

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Philippines Way Forward to Full Digitalization

Technology undeniably benefits society. Mr. Anthony Patrick Chua, Philippines Lead Staff of the Asia-Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC), expounded on the topic entitled “Facilitating the digital led transformation in the Philippines’ – Opportunities and Challenges” which covers the following current legislative measures benefitting the Philippines and the region: (1) Public Service Act; (2) Foreign Investment Act; (3) Retail Trade Liberalization Act; and (4) E-Commerce Roadmap.

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ARTA and 8888 CCC signs Agreement on Unresponsive Agencies

The Anti-Red Tape Authority (ARTA) and the 8888 Citizens Complaint Center (CCC), under the auspices of the Office of the President, officially signed the Memorandum of Agreement (MOA), systemizing the public feedback mechanism on stakeholders’ complaints against unresponsive agencies and authorizing the 8888 CCC to file formal complaints against said unresponsive government institutions with ARTA to ensure prompt action and resolution.

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Welcome EDC Chair, DTI Secretary Alfredo Pascual!

Welcome EDC Chair, Secretary Alfredo Pascual! Both the Public and Private Members of the Export Development Council (EDC), Executive Committee, as well as the Networking Committees (NCs) Chairmen, warmly welcomes the new EDC Chairman, DTI Secretary Alfredo E. Pascual during its first meeting held last 27 January 2023 at the Board of Investments Building, Makati City.

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