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Philippines Shines with 5.7% GDP Growth: Exports and Key Sectors Lead the Surge

The Philippines’ latest gross domestic product (GDP) grew by 5.7% in the first quarter of 2024, led by gains in financial and insurance, wholesale and retail trade, and manufacturing sectors. The services sector rose by 6.9%, industry and agriculture, forestry, and fishing sectors by 5.1% and 0.4%, respectively.

Secretary Alfredo E. Pascual noted the DTI’s contributions through business-friendly programs. Merchandise exports increased by 4.8% compared to the previous year, with electronics, mainly semiconductors and electronic data processing, copper concentrates, coconut oil, fresh bananas, and chemicals.

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DTI Inks Tatak Pinoy Act IRR to Boost Filipino Products and Services Globally

On May 22, 2024, the Department of Trade and Industry (DTI) Secretary Alfredo E. Pascual along with Senator Juan Edgardo “Sonny” Angara, the conceptualizer and author of the Act and other notable signatories signed the Implementing Rules and Regulations (IRR) for Republic Act No. 11981, also known as the Tatak Pinoy (Proudly Filipino) Act. This legislation aims to support and promote Filipino-made products and services globally.

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Empowering Philippine Exporters: ARISE Plus Project Unlocks EU Markets

The ARISE Plus Philippines project, funded by the European Union and led by the Department of Trade and Industry, is a vital support system for Philippine exporters. Its goal is to boost the country’s international trade performance and competitiveness, particularly in the EU market, while fostering economic integration and inclusive growth.

The project focuses on aiding various types of exporters, including MSMEs, coconut, and game development exporters. It provides them with training in export marketing, quality management, and food safety, along with assistance in accessing EU markets. This includes support for participating in trade fairs and other market linkages, both domestically and overseas.

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Driving Innovation: Highlights from the 1st TW-PH International Tech Summit

The 1st International Tech Summit between Taiwan and the Philippines, jointly hosted by IMMORTA Corporation and the Taiwan National Development Council, was recently concluded on 25 April 2024 at the Shangri-la The Fort, Manila. The event aimed to foster collaboration and innovation between the two countries.

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Revitalizing Supply Chains: DTI’s Strategic Roadmap for a Thriving Philippines

Undersecretary Mary Jean Pacheco addressed the Logistics Summit 2024, outlining key Supply Chain and Logistics Issues in the Philippines, such as Infrastructure, Skills, Land, Sea, Air, and Digitalization. The Department of Trade and Industry (DTI) responded by launching initiatives to (1) Ensure accessible and affordable food, (2) Implement targeted interventions for priority industries, and (3) Foster industries meeting domestic demand.

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DOLE Gears Fund on Workers’ Skills Upgrade Projects

The Department of Labor and Employment (DOLE) gears to grant funds to enterprises focused on upskilling their workers’ capabilities.  

Relative to this DOLE, under the leadership of Sec. Bienvenido Laguesma issued Department Order 241, Series of 2024, the “Implementing Guidelines of the DOLE Adjustment Measures Program (DOLE-AMP) for Workers and Enterprises”. The program aims to boost human resources and achieve decent and sustainable work, benefitting workers’ productivity with improved and upgraded skills. Also, it financially supports enterprises that are up to reskill and upskill their employees to make them agile.

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PBBM appoints former Batangas Solon as new DOF Secretary

President Ferdinand Marcos Jr appointed former Batangas Representative Ralph Recto as the new Department of Finance (DOF) Secretary, vice Benjamin Diokno, on 12 January 2024. 

The new DOF chief highlighted the need to build robust economic fundamentals made by his predecessors. He emphasized the need for reforms on the following e.g., Retail Trade Liberalization Act (RTL), the Foreign Investments Act (FIA), and the Public Services Act (PSA), which are all expected to increase investments in infrastructure, industry, and services aimed to reach P4.3 trillion in revenues to produce more employment and social services in 2024. 

Concurrently, Sec. Recto also serves as a member of the Export Development Council (EDC), championing export development in the country. JVL

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PBBM inks the Ease of Paying Taxes Act

President Ferdinand Marcos Jr. has officially signed the Republic Act No. 11976, also known as the Ease of Paying Taxes Act, into law. This legislation aims to enhance government revenue collection by implementing digitalization initiatives. It introduced administrative tax reforms and amended various sections of the National Internal Revenue Code of 1997. Additionally, it modernizes the Philippine taxation system by adopting best practices and replacing outdated procedures.

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