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Saturday, August 2, 2025 Vol. 20 No. 293
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s 40% penalty ‘MUTED PERFORMANCE’ Trump’ for tariff dodging IN JULY FOR FACTORIES missing key details T n
HE Philippine manufacturing sector began the second half of the year with “muted overall performance” but with high hopes for the rest of the semester, according to the S&P Global Market Intelligence.
P CAUTIOUSLY TREADING AHEAD →Philippine Manufacturing PMI
→Export Earnings Growth
(April–July 2025)
Year-on-Year (%), April–June 2025 First rise in export orders in 5 months; input inflation lowest in 14 months
Fastest in 14 months; frontloading shipments ahead of US tariff hike
❝PMI data from the opening month of the third quarter still painted a picture of a muted overall performance. Output and new orders continued to rise, but paces of expansion remained historically subdued. Purchasing and employment also rose at slower rates, reflecting underlying caution among manufacturers.❞—Maryam Baluch, Economist at S&P Global Market Intelligence
Continued on A2
BM Graphics: Ed Davad | Sources: S&P Global, PSA | Illustration: Cami Schefer | Dreamstime.com
The country’s Purchasing Manager’s Index (PMI) score improved to 50.9 in July from 50.7 in June, signalling modest performance and muted growth rates in production during the period. S&P Global said that despite the modest improvement, factory performance has returned to a “growth momentum” and posted its strongest improvement since April 2025. “PMI data from the opening month of the third quarter still painted a picture of a muted overall performance. Output and new orders continued to rise, but paces of expansion remained historically subdued. Purchasing and employment also rose at slower rates, reflecting underlying caution among manufacturers,” Maryam Baluch, Economist at S&P Global Market Intelligence, said. S&P Global said the manufacturing sector’s production level in-
RESIDENT Donald Trump has threatened to pile an additional 40-percent tariff on any product that Washington determines to be “transshipped” through another country, a punishment aimed at stopping goods mainly from China dodging US duties. That penalty was included in
RICARDO B. BRAZZIELL/AUSTIN AMERICAN-STATESMAN VIA AP
By Cai U. Ordinario
the White House announcement Thursday evening that laid out global tariff rates from 10 percent to 41 percent. But many countries are still missing the “rules of origin” details necessary to determine what the US considers transshipped. Continued on A2
6 ACCORDS TO BE SIGNED IN PBBM’S TRIP TO INDIA By Samuel P. Medenilla
A
T least six agreements covering wide-ranging areas of cooperation including law, culture, science and technology are expected to be signed during President Ferdinand Marcos’s five-day state visit to India next week, according to the Department of Foreign Affairs (DFA). Manila and New Delhi
will also explore other possible partnerships on political cooperation, trade, investment as well as a possible maritime cooperation and bilateral trade agreement while Marcos is in India from August 4 to 8, 2025. As of Friday, DFA Assistant Secretary Evangeline T. Ong Jimenez-Ducrocq said they are still finalizing the list of agreements for the upcoming state visit. Continued on A2
MARKS 174TH ANNIVERSARY WITH STRONG BOC raises ₧85.5B in July, exceeding target of ₧84.4B BPI GROWTH, BOLD VISION FOR NATION-BUILDING By Reine Juvierre S. Alberto
T
HE Bureau of Customs (BOC) exceeded its revenue target for July, collecting P85.459 billion in revenues—the highest for this year so far. The second-largest revenue generating agency reported in a statement on Friday it raised P85.459 billion in July 2025—better by 1.3 percent than the P84.365 billion goal it set, based on preliminary data. What the BOC racked up in July 2025 is also 6.4 percent higher than the P80.355 billion it collected in the same month a year ago. Month-on-month, the BOC’s collection increased by 10.9 percent from the P77.035 billion posted in June 2025. The BOC credited its performance in July to the combined efforts of all 17 collection districts
and its targeted revenue sources. This includes collections from unpaid post-entry modifications, government importations under the Tax Expenditure Fund worth P3.103 billion and the Post-Clearance Audit Group’s (PCAG) collection of P136.94 million. “The BOC achieved this milestone despite a 4.5-day suspension of operations due to severe weather conditions that disrupted port activities and customs processing nationwide,” it said in a statement. Since January, the BOC has so far managed to generate P544.230 billion in the first seven months of the year. This is already equivalent to 54.9 percent of its P990-billion revised full-year collection target. “This achievement shows the power of good governance,” Commissioner Ariel F. Nepomuceno was quoted as saying. “With integrity and focus, we will continue to
“This achievement shows the power of good governance.”— Customs Commissioner Ariel F. Nepomuceno
deliver results that benefit the Filipino people and support the President’s vision for nation-building.” The BOC said that since Nepomuceno was appointed as its new commissioner, reforms rooted in transparency, accountability and operational efficiency were championed. “Under his leadership, the
BOC has fostered a culture of discipline and integrity, strengthened internal controls, and enhanced process efficiency, enabling the agency to sustain strong revenue performance even amid external challenges,” it said. The BOC could see its revenue collection decline after the Philippines and the United States agreed to remove tariffs on certain American goods, according to economists. In fact, the agency’s revenue target was lowered by P74 billion to P990 billion from P1.064 trillion on expectations of lower import growth and impact of reduced tariffs on rice and electronic vehicles. The BOC will raise 21.9 percent of the government’s revenue target of P4.520 trillion this year. So far, the government generated P2.260 trillion in revenues as of the first half of the year.
IN photo: BPI celebrates its 174th anniversary with a Mass presided over by His Eminence, The Most Reverend Jose F. Cardinal Advincula, Jr., D.D. (center), Archbishop of Manila. Beside him (left to right) are BPI Chairman Jaime Augusto Zobel De Ayala and BPI President and CEO TG Limcaoco, along with other BPI executives and employees.
T
HE Bank of the Philippine Islands (BPI) marks its 174th founding anniversary with solid first-half financial performance and sustained momentum across its digital and sustainability strategies, as it prepares to enter a historic milestone year in 2026. A celebratory Mass held on August 1, 2025, at BPI Buendia Center in Makati City was attended by top executives, members of the board of directors, and employees.
PESO EXCHANGE RATES n US 58.1860 n JAPAN 0.3861 n UK 76.8521 n HK 7.4131 n CHINA 8.0816 n SINGAPORE 44.8447 n AUSTRALIA 37.3903 n EU 66.4368 n KOREA 0.0418 n SAUDI ARABIA 15.5122 Source: BSP (August 1, 2025)