ILO: RE to fuel PHL job growth
NICKEL AND DIMED: U.S. BILL COULD HURT PHL EV TRADE
One Big Beautiful Bill Act could cut tax credits, impose remittance tax
Key provisions: Ends clean vehicle tax credits Ends commercial EV credits earlier than planned Introduces 3.5% excise tax on remittances by non-US citizens
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Why it matters to the Philippines Part of the global EV supply chain, especially green metals Second-largest global producer of nickel (400,000 MT, 2023) #1 exporter of nickel direct shipping ore Supplies metals for EV batteries, stainless steel, industrial use
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KEY BBB PROVISIONS AFFECTING PHL
Other critical minerals in the Philippines: Cobalt, Copper, Chromite, Iron, Gold
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“BBB’s proposed changes may affect the demand for the country’s green metals that feed into the EV supply chain in the US.” — DTI-Export Marketing Bureau Advisory
ROTARY CLUB OF MANILA JOURNALISM AWARDS
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By Justine Xyrah Garcia
Provision
Current Law
Proposed BBB Change
Clean Vehicle Tax Credit
Up to $7,500 tax credit until Dec 31, 2032
Ends Dec 31, 2025; only for makers with <200K units sold
Commercial EV Credit
$7.5K (under 14K lbs) / $40K (over 14K lbs)
Ends May 12, 2025; only for orders before cut-off
Remittance Excise Tax
No current excise
3.5% on overseas remittances by non-US citizens
BM Graphics: Ed Davad | Photo by Phaisarn Wongkulchata via Dreamstime.com
What is the One Big Beautiful (BBB) Bill? Proposed US legislation (HR No. 1) passed by House on May 22, 2025 Approved by Senate on July 2, 2025, via 50-50 tie, with Vice President JD Vance casting the deciding vote
HE Philippines may see a surge in job opportunities this year—despite rising global trade tensions—as the country accelerates its shift to renewable energy, according to the International Labor Organization (ILO). ILO Country Director for the Philippines Khalid Hassan said that while up to 7 million jobs could be lost globally due to trade disruptions and the overall economic slowdown, the volume of investments flowing into the Philippines—particularly in clean energy—could offset potential losses and fuel significant employment growth.
“I see a lot of jobs creation because of the investment that is coming to the country...It’s an open society and that is the strength of it that we will be able to create more jobs. I can see that offshore windmills are entrusted in the Philippines,” Hassan told BusinessMirror. Hassan said the energy transition alone could be a major driver of employment in the coming years, as both foreign and local firms begin building long-term projects. He noted that the country’s young and English-proficient workforce gives the Philippines a distinct advantage in taking on these new roles—not just in domestic projects, but potentially in overseas markets as well.
“They are not only entrusted for the Philippines. They want to create jobs there where those people can go to other countries and work also. So they are working on all these things,” Hassan explained. In May, the Department of Energy (DOE) awarded 92 service contracts for renewable energy projects, many of which involve offshore wind and are expected to generate more than 65 gigawatts of power once operational. These projects are located across the north of Luzon, west of Metro Manila, Mindoro, Panay, and the Guimaras Strait. The DOE is targeting to increase the share of renewables in the See “ILO,” A6
BusinessMirror A broader look at today’s business
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‘BBB’ MAY IMPACT PHL GREEN METALS DEMAND www.businessmirror.com.ph
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Thursday, July 3, 2025 Vol. 20 No. 263
P25.00 nationwide | 2 sections 24 pages | 7 DAYS A WEEK
By Andrea E. San Juan @andreasanjuan
HE proposed changes in the One Big Beautiful Bill Act (BBB) in the US Congress, which recommends the termination of federal tax credits for new clean vehicles, may affect demand for the Philippines’s green metals that feed in to the EV supply chain in the US, according to an advisory published by the Department of Trade and IndustryExport Marketing Bureau (DTI-EMB). The bill, passed by the US House of Representatives in May, was approved by the narrowest of margins in the US Senate, with Vice President JD Vance casting the tie-breaking vote. Read also: “Senate passes Trump’s big tax and spending cuts bill after Vance casts tie-breaking vote,” page A12 World.
The advisory published by the DTI’s export marketing arm noted: “The US Congress just passed House Resolution [HR] No. 1 or the One Big Beautiful Bill Act [BBB] recommending the termination of the federal tax credits for new clean vehicle, restricting See “BBB,” A2
THINK TANK QUESTIONS D.O.E. DRAFT NUKE POWER CIRCULAR By Jonathan L. Mayuga
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MANILA-BASED think tank on Wednesday raised alarm over a new draft circular from the Department of Energy (DOE), which outlines a framework for integrating nuclear energy into the Philippines’ power generation mix. What makes it alarming, in the view of the Center for Energy, Ecology, and Development (CEED), a group that advocates a shift to renewable energy, is that it seemingly provides the first nuclear power plant exemption from the Competitive Selection Process (CSP). The CSP was mandated under the Electric Power Industry Reform Act (Epira) to ensure leastcost power procurement by requiring distribution utilities (DUs) to conduct open competitive bidding processes for power supply agreements. Bypassing this process to fasttrack nuclear energy casts doubt on the DOE’s commitment to ensuring affordable electricity
for consumers, says CEED. “The CSP was mandated to ensure the least cost power for consumers, and also to ensure transparency and accountability. By exempting nuclear power from this process, the DOE is setting a dangerous precedent where high-risk projects can be pushed forward without due diligence or the best interests of consumers in mind,” Gerry Arances, Executive Director of CEED, said. Implications on electricity rates are also an addition to safety and sustainability risks, Arances said. “In a country highly vulnerable to natural disasters, the environmental risks of nuclear energy cannot be overstated. Building a nuclear facility in the Philippines means placing our communities, many of whom already face social and climate vulnerabilities, at the front row of nuclear accidents and pollution,” Arances said. The Philippines is rich in renewable energy resources, with See “Think,” A6
HERD WORK PAYS OFF In the shade of a tree on a green Bukidnon hill, a Filipino cowboy tends to his cattle with quiet grit—part of a long-standing tradition in this landlocked province known not just for agriculture, but for its deep-rooted cowboy culture. Home to the annual Kaamulan Festival and local rodeos, Bukidnon embraces a ranching identity passed down through generations. The province also leads the nation in cattle production, contributing 19.79 thousand metric tons (liveweight), or 8.4 percent of total output, according to the Philippine Statistics Authority. NONIE REYES
IC eyes increase in road crash insurance By Cai U. Ordinario
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ITH thousands falling victim to road accidents, the Insurance Commission (IC), through a draft circular, has proposed to increase the benefits and premium rates for Compulsory Motor Vehicle Liability Insurance (CMVLI) Coverage. The IC also intends to double the limits of liability up to P400,000 and increase premium rates for one year and three year CMVLI coverages. Philippine Statistics Authority (PSA) data showed deaths due to land transport accidents rose to 13,125 in 2023, the highest recorded in over a decade. “[This is] in consonance with the
President’s commitment to improve coverage for victims of road traffic incidents, increasing the CMVLI benefits aligns with the national policy of ensuring accessible and adequate financial protection,” the draft circular stated. “The primordial purpose of the CMVLI is to guarantee and ensure that the owners and/or operators of motor vehicles have the means and resources to indemnify, as far as applicable, the death and/or bodily injury of third parties or passengers arising from the operation of their motor vehicles,” it also read. Based on the draft circular, CMVLI premium rates for one year coverage will increase to P1,134.49 from P740 for AC/Tourist Cars; P1,686.4
from P1,100 for Taxi/PUJ/Minibus; and P1,632.27 from P1,450 for PUB/ Tourist Bus. The list also says CMVLI premium rates for one-year coverage will be kept the same for Motorcycles/Tricycles/Trailers at P250; private cars at P560; commercial vehicle-light and medium at P560; and commercial vehicle-heavy, P1,200. For three-year CMVLI coverage, the premium rates will increase for AC/Tourist cars to P3,250.16 from P2,120; Taxi/PUJ/Minibus, P4,829.26 from P3,150; PUB/Tourist Bus. The premium rates for Motorcycles/Tricycles/Trailers were kept the same at P720 as well as for private cars at P1,610; commercial vehicle-
light and medium at P1,750; and commercial vehicle-heavy, P3,440. “All non-life insurance companies shall, within three [3] months from the effectivity of this Circular, secure approval of the Commission prior to the issuance of all CMVLI policies reflecting the benefits provided in this Circular,” the draft stated. Meanwhile, in terms of benefits, the IC is proposing to increase death indemnity to P400,000. This includes burial and funeral expenses. In terms of disablement, the IC is proposing to increase the total benefits payable to P200,000 from the existing P50,000 for the loss of two limbs; both hands or all fingers and both thumbs; both feet; one hand and See “IC,” A2
PESO EXCHANGE RATES n US 56.2430 n JAPAN 0.3922 n UK 77.3397 n HK 7.1662 n CHINA 7.8497 n SINGAPORE 44.1988 n AUSTRALIA 36.9966 n EU 66.3892 n KOREA 0.0415 n SAUDI ARABIA 14.9973 Source: BSP (July 2, 2025)