Economy

Despite a two-month halt in rice imports starting September, consumers have little to worry about — inflation is unlikely to spike, according to Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio Balisacan. Speaking during a briefing at the Philippine Statistics Authority (PSA) office in Quezon City, Balisacan assured the public that the 60-day rice import suspension ordered by President …

In its relentless crackdown on tax fraud, the Bureau of Internal Revenue (BIR) on Thursday filed fresh criminal complaints against dozens of companies and individuals over the alleged use of “ghost receipts” to evade taxes amounting to a staggering ₱1.41 billion. BIR Commissioner Romeo Lumagui Jr. personally led the filing of 23 tax evasion cases before the Department of Justice …

By Tracy Cabrera In a renewed push to boost the country’s micro, small, and medium enterprises (MSMEs), Trade Secretary Maria Cristina Roque is urging lawmakers to approve a higher budget for government loan programs designed to provide accessible, low-interest capital for small businesses. Roque’s call comes on the heels of President Ferdinand “Bongbong” Marcos Jr.’s recent State of the Nation …

The Bureau of Customs (BOC) continues to prove its resilience and efficiency, reporting a record-breaking collection of ₱85.459 billion in July 2025—exceeding its monthly target by ₱1.094 billion or 1.3%. Based on a preliminary report, this marks the BOC’s highest monthly collection for the year, reflecting a 6.4% increase from ₱80.355 billion in July 2024 and a notable rise from …

Global coffee giant Starbucks reported a sharper-than-expected 2% decline in comparable store sales worldwide for the April to June 2025 quarter, highlighting growing challenges in its key markets. Sales in North America, which includes its largest market, also dropped 2%, marking the company’s sixth consecutive quarterly decline in same-store sales in the United States. Internationally, sales were flat, while China—its …

State-run Philippine Amusement and Gaming Corporation (PAGCOR) reported a solid 14% revenue growth in the first half of 2025, hitting ₱59 billion, up from ₱51.8 billion in the same period last year. In a statement last week, PAGCOR said the bulk of its revenues—₱53.4 billion—came from gaming operations and license fee shares, while ₱5.7 billion was generated from other services …

The Philippines’ trade deficit shrank by 8.8% in June 2025 as exports surged with double-digit growth, according to preliminary data from the Philippine Statistics Authority (PSA) released last week. The country posted a USD3.95 billion trade deficit, down from USD4.33 billion in June last year. This improvement came as export sales jumped by 26.1% to USD7.02 billion, up from USD5.57 …

The Bureau of Internal Revenue (BIR) is charging full speed ahead with its digital transformation, introducing a suite of modernization programs aimed at streamlining taxpayer services, boosting compliance, and enhancing transparency—while riding high on a strong first-half performance. “We’ve been ramping up all these e-services so people no longer have to go to our offices or banks. You can now …

US-based Cerberus Capital Management is set to invest an additional ₱15 billion in the Philippines over the next 12 months, eyeing upgrades to its Subic shipyard and launching new ventures in logistics, energy, and transport infrastructure. The announcement came following the firm’s meeting with President Ferdinand R. Marcos Jr. in Washington, DC, where executives cited government support and encouraging operational …

Trade Secretary Cristina Roque remains hopeful that tariffs on Philippine exports to the United States could still be reduced, even as the rate has been officially set at 19 percent effective August 1, following an announcement by US President Donald Trump. While the current rate is lower than the previously announced 20 percent, it is still higher than the 17 …