Economy

The government has lowered its medium-term economic and fiscal targets, adopting a more cautious outlook as global uncertainty, persistent inflation, and climate risks weigh on the Philippine economy, while reaffirming its commitment to long-term growth and fiscal stability.

The Aurora Pacific Economic Zone and Freeport Authority (APECO) is urging ASEAN to expand its next generation of ports and industrial hubs along the Pacific coast, saying the shift would strengthen regional supply chains, improve trade connectivity, and reduce reliance on traditional maritime chokepoints.

The Department of Science and Technology (DOST) has launched the Ilocos Region's first Regional Yarn Production and Innovation Center (RYPIC), a move aimed at strengthening the domestic textile industry and creating up to 5,000 jobs across the country's fiber-to-fashion value chain.

Government-owned and -controlled corporations (GOCCs) have remitted P140 billion in dividends to the National Government so far this year, with 15 state-run firms each contributing at least P1 billion, highlighting their growing role as a major source of non-tax revenues that help fund public services and infrastructure.

President Ferdinand Marcos Jr. said more Filipino workers could receive higher minimum wages in the coming months as regional wage boards move closer to completing reviews that could lead to additional pay increases across the country.