Economy

The British envoy to the Philippines reaffirmed the United Kingdom’s commitment to deepening economic ties, highlighting strong fundamentals and reform momentum driving growing confidence among UK investors.

The Bureau of Customs (BOC) has extended importer accreditation validity from one year to three years while reducing associated fees, a move designed to streamline procedures, cut red tape, and sustain the steady flow of goods into the country.

Dream Precision Tech Corporation has registered as an ecozone export enterprise with the Philippine Economic Zone Authority (PEZA), with operations to be located at the Lima Technology Center – Special Economic Zone.

The Development Budget Coordination Committee (DBCC) said suspending excise taxes on diesel and gasoline would likely deliver only modest and short-lived relief at the pump, as global oil prices remain driven by external forces, including ongoing tensions in the Middle East.

Economic Planning Secretary Arsenio Balisacan said the Philippine economy is unlikely to slip into contraction this year despite mounting pressures from a fuel crisis, although growth is expected to fall short of earlier government targets.