Economy

ASEAN economic ministers have put 19 Philippine-led priorities on track for completion this year, advancing a regional digital trade pact, a semiconductor roadmap and new trade and investment initiatives ahead of the bloc’s November summit.

The Philippines and the United Kingdom are deepening economic ties, with up to GBP5 billion in UK-backed financing available for eligible Philippine infrastructure projects.

Australia is launching a P2-billion economic program in the Philippines to attract investment, advance business reforms and strengthen fiscal management over the next five years.

The Philippines and European Union have completed free trade talks, and the country’s top business group says small and medium enterprises stand to gain the most.

The Bureau of Internal Revenue’s (BIR) tax abatement program for micro taxpayers has cleared P84.5 million in taxes and penalties in its first two months, giving small businesses a cheaper way to settle old liabilities and return to compliance.