Economy

The Philippine steel industry remains cautiously optimistic despite slowing construction activity, pinning its long-term growth hopes on the government's infrastructure pipeline and a long-awaited industry roadmap aimed at strengthening domestic manufacturing.

The Department of Trade and Industry (DTI) and the Department of Finance (DOF) have approved the lifting of the moratorium under Administrative Order (AO) 18, clearing the way for more office developments to qualify as Philippine Economic Zone Authority (PEZA) economic zones and expanding location options for information technology-business process management (IT-BPM) investors.

The Philippines is accelerating talks on two major trade fronts, aiming to conclude an updated economic partnership agreement with Japan by November while edging closer to a free trade deal with Canada as the Marcos administration pushes to expand export markets and attract more investments.

The World Trade Organization (WTO) has thrown its support behind the Philippines' economic reform agenda, with Director-General Ngozi Okonjo-Iweala urging the country to sustain policy momentum as rising geopolitical tensions and a fragile global economy continue to test international trade.

The Philippine Chamber of Commerce and Industry (PCCI) believes the Bureau of Internal Revenue (BIR) may finally be turning a page on one of the private sector's longest-running frustrations: a tax system often seen as costly to comply with and difficult to navigate.