UPDATE: DTI submits application to EU-GSP+ Scheme. Department of Trade and Industry (DTI) Secretary Gregory L. Domingo recently signed the Philippine application to the GSP+ plus Scheme of the European Union. The EU GSP+ arrangement is a special incentive scheme for sustainable development and good governance anchored on the effective implementation of 27 international conventions on human and labor rights, environment and governance principles to which the Philippines is a signatory. The Philippine application will be submitted to the EU Delegation Office in Manila for subsequent transmittal to DG Trade of the European Commission. The application will be subjected to review and assessment within a period of 10 months and includes documentary requirements relative to the country's ratification of the 27 international conventions and an undertaking to accept regular EU monitoring to ensure implementation of the conventions mentioned. The DTI as lead agency for this initiative has concluded more than a year of preparatory work involving inter-agency consultations and industry briefings on the requirements and benefits of the scheme. The application is supported by industry groups and associations who would like to take advantage of the GSP+ preferences, particularly the textile and garments and the tuna sectors. DTI Undersecretary Adrian Cristobal Jr. stated that "the manufacturing industry roadmap identifies government interventions in assisting the private sector in gaining more access to markets. The sustainability of the tuna and garments sectors will greatly contribute to the revival of the country's manufacturing industry since these sectors account for more than 50% of the country's industry labor force."

Department of Trade and Industry of the Republic o : PHL submits application to EU-GSP+ Scheme: "Initial estimates indicate that the GSP+ could increase Philippine exports to the EU by 611.8M euros, representing around 11.96% expansion over 2012 Philippine exports to the EU. Product sectors with the highest projected increases are animal or vegetable fats and oils (231.2M euros); prepared foodstuffs (151.2M euros); textiles and garments (79.7M euros); footwear, headwear, umbrellas (28.5M euros); and chemical products (17.1M euros). The projected increase in exports could translate to 267,587 additional jobs both in the agriculture and manufacturing sector.  

The application to the EU GSP+ scheme is in accordance with the Philippines' Europe strategy to secure market access preferences, initially through the GSP+ while informal technical discussions are ongoing for a possible PH-EU and PH-EFTA FTAs."

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UPDATE: Positive outlook on Philippine banking system | The Jakarta Post. Moody's Investors Service says that it is maintaining its positive outlook on the Philippine banking system for the next 12 to 18 months, as it has been since December 2012. “The positive outlook is in line with our expectation that gross domestic product [GDP] growth in the Philippines will remain one of the strongest among emerging-market economies over the next 12 to 18 months," Simon Chen, a Moody's assistant vice president and analyst, said in an official release Monday. "In that context, credit growth is likely to be in the range of 13 percent to 15 percent on an annual basis, while asset quality will be supported by the robust economy and relatively low retail credit penetration.” Moody's conclusions were contained in its just-released "Banking System Outlook: Philippines". The report says that the positive outlook for the banking system is based on an assessment of five factors: operating environment - positive; asset quality and capital - stable; funding and liquidity - stable; profitability and efficiency - stable; and systemic support -- positive. The report points out that the Philippine government's preliminary forecast after the powerful Typhoon Haiyan hit the Philippines' Eastern Visayas region early last month, is that the storm should lower GDP growth this year by 0.3-0.8 percentage point. In contrast, the country's GDP rose 7.4 percent year-on-year in the first nine months of 2013.

Moody’s maintains positive outlook on Philippine banking system | The Jakarta Post: "Moody's report also says the system's level of non-performing assets should remain stable, after dramatic improvements in recent years, while provision coverage continues to rise. In addition, despite strong loan growth in recent years, household indebtedness and corporate leverage remain low, with total system credit to GDP at about 40 percent, and on a slightly declining trend."

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WELLNESS IN ENVIRONMENT: Philippine bishops urge president to halt planned real estate development. Citing environmental concerns, 21 Philippine bishops, including Manila Cardinal Luis Antonio Tagle, urged President Benigno Aquino III to halt real estate development projects that involve land reclamation from Manila Bay. “Former reclamation projects in these areas have resulted in disastrous flooding,” the bishops stated. “Will the projected economic gains sufficiently and justifiably compensate the damage in life, ecosystems and property in the future?”

Philippine bishops urge president to halt planned real estate development : News Headlines - Catholic Culture: "The bishops added that it would be “wiser to boost tourism and cultural preservation by restoring old historical sites and buildings rather than build on reclaimed land to the detriment of the livelihood of the people and the environment,” according to a Philippine Daily Inquirer report."

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