Economy

Foreign business groups welcomed the Philippines' elevation to upper middle-income economy status as a strong endorsement of the country's economic progress, while urging the government to accelerate reforms needed to convert the milestone into sustained investment and long-term growth.

The Bureau of Customs (BOC) is intensifying its fight against illicit trade while tightening internal accountability, as Commissioner Ariel F. Nepomuceno begins his second year in office with a tougher enforcement agenda aimed at protecting government revenues and rebuilding public trust.

The Philippines and Canada have elevated their bilateral relationship to a Strategic Partnership, signaling a broader push to deepen trade, investment and labor cooperation as both countries target the completion of negotiations for a bilateral free trade agreement (FTA) before the end of the year.

The Department of Trade and Industry (DTI) is stepping up efforts to expand market access for Philippine exporters as merchandise shipments sustained double-digit growth in the first five months of 2026, signaling resilient external demand despite global trade uncertainties.

More than 25 US business executives and investors will visit the Philippines next week to explore opportunities in high-growth industries, signaling sustained American interest in one of Southeast Asia's fastest-growing economies.