The new Trade Secretary Alfredo E. Pascual, also the President of the Management of Association of the Philippines (MAP) highlights the ten (10) strategic priorities of the Department of Trade and Industry. The key priorities aim to create opportunities for DTI and the private sector to work together for shared goals. These will also be the new administration’s focus on improving trade and industry, including export expansion believed to help in job generation and economic recovery in general.
The Department of Information and Communications Technology (DICT) intensifies its programs/ action plans for developing the ICT Ecosystem to adapt to the impact of the pandemic and ensure various sectors’ capacity to participate in the country’s economic recovery.
Consistent with the Memorandum Circular. No. 27 that mandates the implementation of the Philippine Export Development Plan (PEDP), the DICT shall provide support to 1) promotion of trade and investment opportunities, especially in the ICT and ICT-Enabled Services sectors, 2) push for the use of ICT to automate government regulatory processes, and 3) synchronize government systems to ensure ease of doing business.
Hon. Ferdinand Martin G. Romualdez, Speaker of the House of Representatives (HOR), presented the new Administration’s Economic Legislative Agenda: Priorities and Gameplans at the PCCI General Membership Meeting on 04 August 2022 at Makati Diamond Residences.
Speaker Romualdez highlighted several goals and initiatives of the New Administration, i.e., job creation, poverty reduction, food security, reduction of transport and logistics cost, as well as energy costs to families, addressing health concerns, strengthening of social protection programs in terms of face to face classes, enhance bureaucratic efficiency, and sound fiscal management.
ARTA crafted an issuance in relation to the National Policy on Regulatory Management System (NPRMS). The objective of such is to formulate a common framework for good regulatory practice for regulators at all stages of the regulatory life cycle.
The NPRMS will also lay down the implementing guidelines and procedures for the implementation of the Regulatory Impact Assessment (RIA) requirement pursuant to Sections 5 and 17 of Republic Act No. 11032 or the Ease of Doing Business and Efficient Government Service Delivery Act of 2018.
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.
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.
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.
ARTA is the government agency mandated to administer, implement, and monitor compliance with the national policy on anti-red tape and the “Ease of Doing Business and Efficient Government Service Delivery Act of 2018”.
The strengthened version of the law aims to facilitate prompt actions or resolutions of all government transactions. It applies to all government offices, agencies, and other government instrumentalities, whether located in the Philippines or abroad.
The Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) Electronics Export earmarked the growth of the Electronics Export for the year 2021. Based on the Philippine Import and Export Statistics of the Philippine Statistics Authority (PSA), electronics exports rose to US$45.92 billion in 2021 which is 12.90% higher than the US$ 40.67 billion in 2020. For more information, visit https://www.seipi.org.ph/article/december-2021-philippine-electronics-export-performance/.
The Philippines currently has $49 billion of unrealized export potential according to the International Trade Centre‘s (ITC) Export Potential Assessment (EPA) report. This is out of the $107 billion total export potential of the Philippines in the products covered by the study,
The top market where the Philippines has the largest export potential (EP) is East Asia with $54 billion followed by North America, ASEAN, and the EU.
The top sector is machinery and electronic equipment which covers almost 75% of export potential. The other top sectors are manufactured products, horticulture, minerals, metals, and other products.