May 2023

The Philippine government and the Japan International Cooperation Agency (JICA) have recently signed the JPY17.4-billion (US$130 million) Metro Rail Transit (MRT) Line 3 Rehabilitation Project (II) loan agreement. The aaccord was signed by Department of Finance (DOF) Secretary Benjamin Diokno and JICA chief representative in the Philippines Sakamoto Takema at the DOF office in Manila. The rehabilitation includes provisions for capacity expansion including rolling…

MANILA – Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla has urged bank owners to protect their depositors’ money, a function that constitutes their primary responsibility. In his speech during the launch of the book “Banking Laws of the Philippines – Annotated” at the Central Bank’s main office in Manila recently. Medalla underscored the need to update banking laws to…

The World Bank has approved a US$100 million agriculture development project to help boost the livelihood of farmers and fisherfolk in indigenous cultural communities in Mindanao. Philippines. In a statement over the weekend, World Bank said the Mindanao Inclusive Agriculture Development Project (MIADP) is expected to benefit around 120,000 farmers and fisherfolk in selected ancestral domains in…

BALAMBAN, Cebu – The Board of Investments (BOI) has expressed  confidence its P1.5 trillion investment pledges target this year will be achieved. In an interview over the weekend here, Trade Undersecretary and BOI managing head Ceferino Rodolfo said several big renewable energy (RE) projects are expected to be approved within the year. “These renewable energy projects…

The national government posted a P66.8 billion budget surplus in April, this year, the highest recorded in four years. Bureau of Treasury (BTr) data showed that the budget surplus was significantly higher than the P4.9 billion in April last year, and was the highest recorded since the P88.87 billion in April 2019. Last month’s surplus…

President Ferdinand R. Marcos Jr. has ordered the creation of the Inter-Agency Committee on Inflation and Market Outlook (IAC-IMO) tasked to directly address inflation and enhance initiatives to improve the economy and the quality of life of Filipinos.