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President Rodrigo Roa Duterte and the Congress have passed into law a measure backed by the Department of Finance (DOF) that seeks to further liberalize the Philippine economy and open the country to more foreign direct investments (FDIs) and job creation.

“As we continue our path to recovery, the economic liberalization bills either passed or being considered by our lawmakers will be crucial to bringing in much-needed foreign investments that would supercharge the economy and create a lot more jobs for Filipinos,” said Finance Secretary Carlos G. Dominguez.

For the full provisions of Republic Act No. 11595, visit: https://mirror.officialgazette.gov.ph/2021/12/10/republic-act-no-11595/

Read more: https://www.dof.gov.ph/dominguez-thanks-president-duterte-congress-for-amended-retail-trade-liberalization-act/

FILIPINO translation: https://www.facebook.com/DOFPH/posts/236686801967644

To receive on-the-go updates on the Philippine economy, JOIN the DOF Viber community: https://vb.me/dofcommunity

SMC Global Power bonds maintain top credit rating | Power Philippines Philippine Rating Services Corporation (PhilRatings) has retained its PRS Aaa rating, with a stable outlook, for SMC Global Power Holdings’ outstanding bond issuances worth Php73.8..

Markets and the economy brace as the Federal Reserve's first rate hike could come in two months

PAL emerges from Chapter 11 Philippine Airlines announced on New Year’s Eve that the airline has emerged from its voluntary filing of the Chapter 11 bankruptcy.

Investment banking giant Goldman Sachs expects the Philippine economy to grow the fastest in ASEAN (Association of Southeast Asian Nations)-5 next year.

During the 2022 outlook media roundtable last November 18, Goldman Sachs Economics Research projected the Philippines’ gross domestic product (GDP) growth to hit 7.3 percent, within the government’s 7 to 9 percent target.

Goldman Sachs said sustained infrastructure expenditures under the ambitious “Build, Build, Build” program would aid economic growth in 2022.

Read about the Philippine economy’s better-than-expected 7.1 percent GDP growth in the third quarter of this year: https://www.dof.gov.ph/q3-gdp-forecasts-by-private-analysts-out-of-range-dof/

To receive on-the-go updates on the Philippine economy, JOIN the DOF Viber community: https://vb.me/dofcommunity

PH foreign debt reaches $105B The country's outstanding external commitments reached $105 billion at the end of September this year, according to the Bangko Sentral ng Pilipinas (BSP).The central bank said...

The PCOMP declined to 7,200.88 last Monday (-1.1% d-d) as concerns over the Omicron COVID-19 variant dampened investor sentiment. Global stock markets also slipped yesterday (Hang Seng -1.6% d-d, Nikkei 225 -1.6% d-d, S&P 500 -1.9% d-d, and FTSE 100 -0.7% d-d) as investors reassess risks and evaluate the potential impact of Omicron.

Borders slam shut as world rushes to contain new Covid variant SYDNEY: World governments rushed to contain a new, heavily mutated Covid-19 strain Sunday, with Israel slamming its borders shut to foreign nationals and Australia reporting its...

The government of the Republic of Korea is ready to extend financial support in the conduct of engineering services for the much-awaited inter-island bridges project of the Department of Public Works and Highways (DPWH) in Western Visayas.

DPWH Undersecretary for Unified Management Office Operations (UPMO) Emil K. Sadain said that the Koreans have committed an official development assistance (ODA) loan to the Philippines through the KEXIM Bank - Economic Development Cooperation Fund (EDCF) to finance the detailed engineering design (DED) of this immense flagship bridge project.

The loan will be formalized with the signing ceremony scheduled in December 2021.

Read more: https://www.dpwh.gov.ph/dpwh/news/24529

To receive on-the-go updates on the Philippine economy, JOIN the DOF Viber community: https://vb.me/dofcommunity