Philippines, Japan strengthen defense ties with Reciprocal Access Agreement
The Stratbase Institute has hailed the Senate’s unanimous approval of the Reciprocal Access Agreement (RAA) with Japan on 16 December 2024, calling it a significant milestone in strengthening bilateral relations and enhancing regional security. The RAA, which solidifies defense cooperation between the Armed Forces of the Philippines (AFP) and Japan's Self-Defense Forces (SDF), will facilitate joint military activities, improve interoperability, and contribute to the security architecture of the Indo-Pacific region. By fostering closer defense ties, the agreement aims to enhance maritime safety and stability at a time of rising geopolitical tensions.
11-month BOP reverts into surplus of $2.1 B
The country's balance of payments (BOP) position posted a surplus of USD2.1 billion in the first 11 months of 2024, a turnaround from last year when this stood as a deficit of USD2.3 billion, latest data from the Bangko Sentral ng Pilipinas (BSP) show.
DA bans livestock imports from Japan amid lumpy skin disease outbreak
The Department of Agriculture (DA) has enforced a temporary ban on the importation of live cattle, buffalo, and their products from Japan, following the outbreak of the lumpy skin disease (LSD).
Federal Reserve cut rates by another 25 basis points
The Federal Reserve on Thursday lowered key interest rates by a quarter of a percentage point, its third consecutive rate cut this year that is widely anticipated by the market amid easing inflation concern. For next year, however, the outlook for additional cuts is more cautious.
Philippines eyes rice from Pakistan, India to secure supply
The government is in active discussions with Pakistan and India to secure a combined 2 million metric tons (MT) of rice, addressing future import requirements, according to the Department of Agriculture (DA).
