The Bureau of Customs (BOC) at the Manila International Container Port (MICP) raised P1.8 million through a public auction of forfeited goods. In a statement last week, District Collector Rizalino Jose Torralba said the auction, held on Nov. 29, 2024, involved 13 containers from four sale lots. Items sold included sandals, inflatable pools, cylindrical hinges, sodium sulfate, fire-protective board kits, …

The Bangko Sentral ng Pilipinas (BSP), Citi Foundation, and the Microfinance Council of the Philippines Inc. (MCPI) honored 16 micro-entrepreneurs and four microfinance institutions (MFIs) for their innovative use of digital solutions to transform businesses and uplift communities. At the 3rd Digital Financial Inclusion Awards (DFIA), held Friday at the BSP office in Manila, the spotlight was on micro-entrepreneurs who …

Canadian mining company B2Gold Corp. has reaffirmed its commitment to invest in the Philippines during a courtesy visit to Department of Trade and Industry (DTI) Secretary Ma. Cristina Roque. Philippine Trade and Investment Center (PTIC) Toronto Trade Commissioner Mario Tani confirmed that B2Gold plans to establish an exploration office in the Philippines in 2025. “The mine site is nearing its …

The British Chamber of Commerce of the Philippines (BCCP) has called on the Marcos administration to sustain its current policies and advance reforms to attract more foreign investments. BCCP Executive Director Chris Nelson emphasized the high interest among British firms in investing in the Philippines but noted that companies are waiting for policies that ensure a more stable business environment. …

The Bureau of Internal Revenue (BIR) is set to launch a nationwide crackdown on the sale and use of fake person with disability (PWD) identification cards (IDs) following reports that this tax evasion scheme resulted in over PHP88 billion in revenue losses in 2023. BIR Commissioner Romeo Lumagui Jr. announced on Thursday that he has instructed agency officials to work …

The 2024 Capital Market Review of the Philippines by the Organisation for Economic Co-operation and Development (OECD) has underscored the country’s need for stronger capital markets to achieve its growth targets. During the launching of the report at the Securities and Exchange Commission (SEC) headquarters in Makati City recently, OECD Director for Financial and Enterprise Affairs Carmine Di Noia said …

The Clark International Airport Corp. (CIAC) plans to award the National Food Hub project to a private sector partner in 2025, according to its new president and CEO, Joseph Alcazar. During a year-end media gathering, Alcazar shared that the feasibility study for the project, funded by the Asian Development Bank (ADB), will be completed by March 2025.  “Once the study …

The Asian Development Bank (ADB) has approved a USD 30 million loan to support public-private partnership (PPP) projects in the Philippines. The loan will replenish the Project Development and Monitoring Facility (PDMF), managed by the Public-Private Partnership Center (PPPC), which aids in preparing and structuring PPP projects. It will also enhance the capacity of government agencies and local government units …

Fitch Ratings predicts that the non-performing loan (NPL) ratio of Philippine banks will improve in 2025, driven by strong economic growth and lower interest rates. According to Fitch, “We expect NPL ratio improvements across five out of 14 larger APAC (Asia Pacific) markets in 2025 before rising to nine in 2026.”  The Philippines, along with India and Vietnam, is expected …

Finance Secretary Ralph G. Recto championed the central role of sound corporate governance anchored in sustainability in fostering inclusive growth across Asian economies during the Organization for Economic Cooperation and Development (OECD)-Asia Roundtable on December 11, 2024. “For we believe that a strong corporate governance framework is the very foundation upon which a thriving investment climate and well-functioning capital markets …