Economy

Chinese steel giant Panhua Group is set to launch the first phase of its $1-billion integrated steel manufacturing project in the Philippines next month, marking one of the country’s biggest foreign industrial investments in recent years.

The Makati Business Club said restoring public trust in the Senate now largely depends on the leadership of the Senate President following what it described as the “unprecedented drama and chaos” that marked the chamber’s May 11 session.

Philippine Chamber of Commerce and Industry president Ferdinand Ferrer warned that political distractions and uncertainty could slow investment inflows into the Philippines, saying stability and adherence to the rule of law remain critical to sustaining investor confidence.

The Philippines is poised for another potentially record-breaking year in exports in 2026, buoyed by resilient global demand, expanding trade access, and continued strength in both electronics and agriculture, according to the Department of Trade and Industry (DTI).

The Philippines and the European Union are closing in on a free trade agreement (FTA), moving in step with the target set by Trade Secretary Cristina Roque to wrap up negotiations by June or July this year.