Amro sees sub-6% growth amid tariffs By Bless Aubrey Ogerio
T
HE Philippines might not face as severe an impact from global trade tensions in 2025 compared to its regional neighbors, thanks to its service-led economy and smaller manufacturing base, according to the Asean+3 Macroeconomic Research Office (Amro). On Tuesday, Amro chief economist Hoe Ee Khor shared the country’s growth forecast has been downgraded to below 6 percent, down from the previous estimate
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AFTER 2 YEARS OF CIVIL WAR, SUDAN FACES DE FACTO PARTITION AND DEEPENING FAMINE
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of 6.3 percent in its last Asean+3 Regional Economic Outlook. While this revision accounts for weaker-than-expected external demand and a slower recovery in tourism, Khor emphasized in a virtual press conference that “the strength of the Philippines is their service industry, especially the BPO [business process outsourcing] and going forward, the KPO [knowledge process outsourcing].” The Amro economist added: “So we think that the Philippine economy generally will emerge from this tariff war quite well.”
Latest data from the Philippine Statistics Authority indicated that the services sector grew at 6.7 percent in Q4 2024, easing from 7.4 percent in the same period last year. Its full-year growth was at 6.7 percent. He also pointed out that semiconductors, one of the country’s top exports, are exempt from tariffs, softening the blow even further. Electronic products, led by semiconductors, topped Philippine exports from January to November 2024, earning $2.79 billion, based on another PSA data. Amro’s group head and princi-
pal economist Allen Ng also underscored how the Philippines remains one of the most stable economies in the region, supported by solid domestic demand. The Amro forecast was finalized before US President Donald Trump’s April 2 tariff announcement. Ng said updates to the baseline projection are expected in the coming months, given how fast the situation is evolving. “For now, our various scenarios of tariff actions, as per the Liberation Day and Pause scenarios, See “Amro,” A2
BusinessMirror A broader look at today’s business
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Wednesday, April 16, 2025 Vol. 20 No. 186
P25.00 nationwide | 2 sections 22 pages | 7 DAYS A WEEK
SC upholds Duterte EO hastening of energy projects
By Reine Juvierre S. Alberto @reine_alberto
EYOND the potential impact of a United States recession driven by a tariff war, a new threat to Philippine remittances has emerged, according to a migration expert: Donald Trump’s stricter immigration policies. Latest data from the Bangko Sentral ng Pilipinas (BSP) showed cash remittances, or money coursed through banks from overseas Filipinos, amounted to $2.716 billion in February 2025. Cash remittances during the month are higher by 2.7 percent from $2.646 billion sent in February 2024, but lower by 6.9 percent than the $2.918 billion in January 2025. Institute for Migration and Development Issues (IMDI) Executive Director Jeremaiah M. Opiniano told BusinessMirror that a corollary development after Trump’s imposition of tariffs is his administration’s crackdown on immigration.
By Joel R. San Juan
T
While most of those affected by Trump’s immigration policies are Latinos, Filipinos are not spared as some were likely deported and their pockets incarcerated, Opiniano said. “If many of the hundreds of thousands of irregular Filipino migrants are deported, this development may lower cash remittance inflows,” Opiniano said. Data from the BSP showed nearly half, or 40.9 percent, of cash remittances in the Philippines came from the United States. Should Trump’s tariff policies be implemented after his announcement of a 90-day pause, See “US,” A2
CHINESE TOURISTS MAY NOW CALL 151-TOUR IN MANDARIN By Ma. Stella F. Arnaldo Special to the BusinessMirror
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ILIPINOS and foreign tourists traveling around the country this Holy Week will have access to government’s Tourist Assistance Call Center (151-TOUR/151-8657) at all hours of the day, everyday. The Department of Tourism (DOT) issued this advisory on Tuesday, as vacationers for the annual Semana Santa break started flocking to major sea ports, bus terminals, and airports, eager to return to their hometowns or go on a holiday with friends and family members. Travelers may also secure information on DOT-accredited establishments and other travel and tourism advisories, as well as real-time assistance in case of emergencies and referrals to concerned government agencies, from said hotline. In particular, Chinese tourists will be able to converse with Mandarin-speaking call center agents to address any concerns regarding their travel in the country. These Mandarin-speaking call center agents will be available between 8 am and 5 pm, from Monday to Friday. However, Chinese tourists may also reach out to the DOT for travel inquiries in the Philippines through mobile phone number (+639) 54253-3215, or via email at
touristassistance@tourism.gov.ph The DOT is also available for urgent tourist concerns through Facebook Messenger (Department of Tourism–Philippines), as well as its Click2Call and Live Webchat services on https:// beta.tourism.gov.ph
Korean speakers, too
LAST year, there were 312,222 tourists from China, 82-percent down from 2019. In the first quarter of 2025, Chinese tourists plunged by some 34 percent to 72,665, from the same period in 2024. The continued sluggishness of the Chinese market and weakening of South Korean Won, which kept most of its citizens at home, resulted in a largely unchanged number of visitor arrivals at 1.65 million in the first quarter of the year. This led to a property brokerage firm projecting just 6 million foreign tourists for the entire 2025, almost the same number of arrivals in 2024. (See, “Foreign tourist arrivals stay unchanged at 6 million for 2025,” in the BusinessMirror, April 6, 2025.) The Chinese Embassy in Manila recently warned its citizens of the alleged “unstable public security” situation in the country, as government authorities cracked down on Chinese criminals involved in Philippine Offshore See “Chinese,” A2
HOTEL101-MADRID’S TOPPING-OFF AHEAD OF F1 GRAND PRIX Mang Inasal Founder Injap Sia and Jollibee Founder Tony
Tan Caktiong led the topping-off ceremony for the 680-room Hotel101-Madrid in Spain, marking a significant milestone after just 11 months of construction. The hotel is set for full completion in December 2025, in time for the F1 Grand Prix in Madrid. The 680-room Hotel101-Madrid project is set to become one of the top 5 largest hotels in Madrid. Located on a 6,593-square-meter prime commercial property recently acquired by Hotel101, it is situated along Avenida Fuerzas Armadas, Valdebebas, Madrid. The hotel is surrounded by major landmarks and is within walking distance of key attractions. DoubleDragon Chairman Injap Sia II, DD Co-Chairman Caktiong, and Hotel101 Global CEO Hannah Yulo-Luccini, along with officers from Ferrovial Construccion, toured the site with Philippine Ambassador to the WTO, Amb. Manuel A.J. Teehankee; Consul General Mark Francis C. Hamoy; and PITC Commercial Officer Althea Antonio. CONTRIBUTED PHOTOS/DOUBLE DRAGON CORP.
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HE Supreme Court, voting 13-1, has upheld the constitutionality of Executive Order No. 30 issued by former President Rodrigo Duterte creating the Energy Investment Coordinating Council (EICC) to hasten the approval of energy projects. In a 40-page ruling penned by Associate Justice Maria Filomena D. Singh, the Court dismissed the petition filed by several citizen groups seeking the issuance of an Environmental Protection Order (EPO) with a prayer for a temporary environmental protection order (TEPO) to stop the implementation of the order. EO 30 establishes minimum guidelines to streamline and shorten the process of approving Energy Projects of National Significance (EPNS). These include: (a) a presumption of prior approvals, which requires agencies to start processing permit applications right away, even if other permits are still pending with other agencies; (b) a 30-day deadline to act on complete applications; and (c) automatic approval if no action is taken within the deadline. Among those opposing the implementation of EO No. 30 were the Quezon for Environment, Atimonan Power to the People and several residents of the Quezon Province where the first coalfired power plant is located. Other petitioners were the Philippine Movement for Climate Justice (PMCJ), Center for Energy, Environment, and Development (CEED), Incorporated Sanlakas and several residents and electric consumers in Metro Manila. They invoked their constitutional right to a balanced and healthful ecology under Section 16, Article Ii of the Constitutional and the “Precautionary Principle” under the Rules of Procedure on Environmental Cases (RPEC) in assailing the constitutionality of the said order. The petitioners argued that EO No. 30 was issued beyond the scope of the President’s Executive power. See “SC,” A2
PESO EXCHANGE RATES n US 57.0320 n JAPAN 0.3991 n UK 75.2252 n HK 7.3539 n CHINA 7.8030 n SINGAPORE 43.3769 n AUSTRALIA 36.0385 n EU 64.7826 n KOREA 0.0402 n SAUDI ARABIA 15.1980 Source: BSP (April 15, 2025)