Economy

The Philippine government said it will act on recommendations from the World Bank’s latest Public Finance Review, putting a sharper focus on broadening the tax base, improving revenue collection and ensuring that public spending translates into measurable gains for Filipinos.

The Philippines could unlock fiscal gains equivalent to as much as 7.1 percent of gross domestic product each year without raising statutory tax rates, as reforms to tax collection, procurement and government spending offer a potentially significant source of new fiscal space.

The Philippine Economic Zone Authority (PEZA) and Bangsamoro Economic Zone Authority (BEZA) are moving to develop proposed economic zones in Tawi-Tawi, Basilan and Maguindanao del Norte, potentially opening new investment and job opportunities across the Bangsamoro region.

The Department of Justice (DOJ) is backing broader use of Filipino in court proceedings, saying greater access to the national language could help close the gap between the justice system and ordinary Filipinos.

Artificial intelligence is pushing local manufacturing to the limit. Electronics manufacturing giant EMS Group is rolling out an aggressive, multi-year capacity expansion to keep pace with skyrocketing demand for artificial intelligence hardware.