Economy

The Bureau of Customs (BOC) sustained its strong revenue momentum in June, collecting P86.07 billion and surpassing its monthly target by P2.83 billion as stronger trade flows and tighter customs enforcement continued to lift collections.

The conviction of seven kidnappers in the abduction of a 78-year-old businesswoman has strengthened the Philippines' reputation as a safer place to invest and visit, according to the Federation of Filipino Chinese Chambers of Commerce and Industry, Inc. (FFCCCII), which said swift justice can be as important as economic incentives in attracting business.

Fresh Canadian mining investments and deeper cooperation on critical minerals and clean energy are set to bolster the Philippines' drive to become a preferred destination for responsible mining while creating jobs and supporting the global energy transition.

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.