BUSINESS NEWS ROUND UP FOR SEPT. 23 TO 27

PH IMPROVES SIGNIFICANTLY IN GLOBAL INNOVATION INDEX

The Philippines has made a significant improvement over the past decade in the Global Innovation Index (GII) by the World Intellectual Property Office (WIPO).
Along with China, Türkiye, India and Vietnam, the Philippines ranked 53rd this year from 100th place in the 2014 edition of the report, making the country one of the fastest 10-year risers. Also, the Philippines advanced three notches from 56th place last year.
The WIPO said that the Philippines positioned itself in the top three among the lower middle-income group, along with India (1st) and Vietnam (2nd).
“Notable areas in which it excels are trade-related indicators, including high-tech exports (1st globally), high-tech imports, creative goods exports and ICT (information and communications technology) services exports. It has also made advances, albeit at lower levels, in intangible assets, thanks to its strong global brand value and the intangible asset intensity of its companies,” the 2024 GII report read.
Intellectual Property Office of the Philippines (IPOPHL) Director General Rowel Barba said the higher ranking in the GII report demonstrates the effectiveness of the innovation strategies of the Marcos administration and the whole-of-government approach to bridge the gaps between the academe and industry.
“IPOPHL’s Innovation and Technology Support Office (ITSO) program was one of many government initiatives that played a key role in increasing university-industry partnerships,” Barba said.

BOI GIVES GREEN LANE CERTIFICATES TO 126 PROJECTS
The Board of Investments (BOI) has granted green lane certificates to 126 projects worth P4.13 trillion to expedite the processing of their permits and licenses in national government agencies (NGAs) and local government units (LGUs).
The BOI said on Sept. 26 that 114 out of 126 projects are renewable energy (RE) projects worth P3.74 trillion. The 36 RE projects worth P1.64 trillion are already registered with the BOI to receive fiscal and non-fiscal incentives the agency’s One-Stop Action Center for Strategic Investments (OSAC-SI).
For September alone, the OSAC-SI awarded the endorsement for green lane to an offshore wind energy project in Ilocos Norte with investments of P289 billion.
Three offshore wind energy projects of Filipino-Danish partnership BuhaWind Energy Philippines worth over P600 billion in Northern Luzon, Northern Mindoro, and East Panay with generation capacity of 4 gigawatts also got green lane certificates from the OSAC-SI.
Aside from RE projects, to be provided green lane treatment to six projects worth P346.33 billion in digital infrastructure, two projects worth P29.61 billion in the manufacturing sector, and four projects worth P4.14 billion in food security.
“The green lane initiative ensures that the Philippines remains competitive on the global stage, attracting investors who prioritize innovation and sustainability. With over P4 trillion in investments already certified, we are setting a clear path towards renewable energy growth, job creation, and reducing our carbon footprint,” Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said.

ADB SEES LOWER INFLATION AND BETTER GDP GROWTH
The Asian Development Bank (ADB) sees slower inflation, monetary easing, and sustained public spending on major infrastructure projects pushing Philippine gross domestic product (GDP) to grow by at least 6% this year and 2025.
In its Asian Development Outlook (ADO) September 2024 report released on Sept. 25, the ADB said it is maintaining its GDP growth forecast for the Philippines at 6% for 2024 and 6.2% in 2025.
The ADB also revised downward its inflation forecast for the Philippines to 3.6% this year from the earlier estimate of 3.8%, citing sustained deceleration in food prices partly due to lower tariffs on rice imports.
“Food price pressures are expected to continue to dissipate on the impact of reduced import duties on key staples. The government reduced rice duties to 15% from 35% for imports until 2028 subject to periodic review, and extended the reduced tariff rates on corn, pork, and mechanically-deboned meat,” the ADB said.
President Ferdinand R. Marcos Jr. earlier issued Executive Order 62 that lowered the tariffs on imported rice to 15% from 35%.
“A sustained moderation in inflation could allow further monetary policy easing after a 25-basis point cut in the policy rate to 6.25% in mid-August,” it added.

DOJ CONFIDENT PH WILL EXIT FINANCIAL GREY LIST
The Philippines is confident it will exit the Financial Action Task Force (FATF) grey list or the list of nations under increased monitoring for money laundering and terrorist financing.
“We are very confident that when the FATF grey list matter is taken up this October, it is very possible that the Philippines will already exit the grey list because of our performance in various areas, including the intellectual property rights protection,” Department of Justice Undersecretary Jesse Hermogenes Andres said in a briefing on the sidelines of the 2024 National Committee on Intellectual Property Rights High-Level Meeting held at the Admiral Hotel Manila on Sept. 24.
The FATF is a global money laundering and terrorist financing watchdog.
“We have been in the grey list for several years now, almost five years, and there were 18 committed outcomes that were expected of the Philippines for us to exit the grey list,” Andres said.
“We have completed 15 already. So only three remaining items. And we completed the report only a month ago. And we are expecting the FATF to make a decision this coming October,” he added.

BCDA TO TURN NEW CLARK CITY INTO SMART AND GREEN CITY
The Bases Conversion and Development Authority (BCDA) is accelerating its efforts to make the New Clark City in Capas, Tarlac a smart and green city.
This, as the BCDA said in Sept. 30 that it has signed a memorandum of understanding (MOU) with Korean government agency National Agency for Administrative City Construction (NAACC) to promote knowledge sharing and explore collaboration opportunities in the fields of urban planning, smart cities development, green energy, and smart administrative systems for the development of the 9,450-hectare New Clark City.
NAACC Administrator Dr. Hyeong Ryeol Kim and BCDA President and Chief Executive Officer Engr. Joshua M. Bingcang signed the MOU in Seoul.
 “With Korea as a global frontrunner in terms of smart administrative capitals, we at BCDA are very fortunate to have NAACC as our partner to facilitate knowledge exchange and link us with experts who can help us transform New Clark City as the Philippines’ alternative national government hub. Through this MOU, we wish to replicate the successes and apply the lessons learned by Korea in relocating administrative agencies and national research and development (R&D) institutes in its administrative capital, Sejong City,” said Bingcang.
 “We hope that Korea’s experience in building the Administrative City will be helpful in transforming your former military base into a dynamic and vibrant new city,” Dr. Hyeong Ryeol Kim, for his part, said.

(PHOTO FROM PNA)