PHL auto industry closes 2020 with 275K units sold The Philippine auto industry finally puts a lid on a turbulent 2020 — a year when it ended up selling 275,512 units based on reported totals from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI), Association of Vehicle Importers and Distributors, Inc. (AVID), and Truck Manufacturers Association (TMA). This figure represents a hefty 40% decline from the 2019 total of 457,110 vehicles sold.
Gov’t secures $13.3B for pandemic response from foreign sources After securing $13.36 billion in loans and grants from foreign sources to finance its pandemic response last year, the government is now seeking to raise $1.46 billion (P70 billion) from multilateral agencies to fund the country’s coronavirus disease 2019 (COVID-19) vaccination programs.
Private sector pushes for urgent passage of CREATE The 51 private sector groups represent the banking, real estate, insurance, and outsourcing sectors, along with foreign chambers representing Spain, France, and Nordic countries. The Management Association of the Philippines, Makati Business Club, university groups, and other business councils are also represented.
As FATF’s Feb. 1 deadline looms, lawmakers rush to pass AMLA bill Congress is rushing to finalize a bill that aims to strengthen the Anti-money Laundering Act of 2001 (AMLA), only two weeks before the deadline imposed by the Financial Action Task Force (FATF). If it fails to implement tougher rules on money laundering by February, the Philippines may be included in the FATF’s gray list of countries deemed to have a high risk of money laundering and terrorism financing, and will be subjected to increased monitoring.
DOLE: Workplaces compliant with COVID-19 safety protocols Labor Undersecretary Benjo Benavidez said in a statement 72,000 companies and small businesses were inspected last year on compliance to health protocols within the companies. “Because of the technical assistance and advice we gave especially to small businesses, they complied with the health protocols and resulted in the increase in compliance rate to 92% at the end of the year,” said Benavidez. The initial compliance rate was 77%.